Top 250+ Solved Financial Accounting 2 MCQ Questions Answer
Q. Dependent branch makes:
a. cash sales only
b. credit sales only
c. cash & credit sales
d. instalment sales
Q. All branch expenses such as rent, salary are paid by H.O in case of:
a. independent branch
b. local branch
c. dependent branch
d. foreign branch
Q. Branch Trading & Profit & Loss A/c is prepared to incorporate all _____
a. revenue items
b. capital items
c. asset items
d. past items
Q. The difference between goods sent by H.O. and received by branch is known as _______
a. goods in transit
b. goods in warehouse
c. goods in production
d. goods in godown
Q. The stock reserve for unrealised profit will be ________ to the H.O profit & Loss A/C
a. debited
b. credited
c. first credited then debited
d. not shown
Q. ____________ account is prepared to adjust the loads included in the value of openingstock and closing stock.
a. branch stock
b. branch adjustment
c. stock reserve
d. branch p&l
Q. ____________ account shows the shortage or surplus of stock.
a. branch adjustment
b. branch stock
c. goods sent to branch
d. branch p&l
Q. The profit included in surplus or shortage of stock is transferred to ______ account
a. branch stock
b. branch expenses
c. branch adjustment
d. branch p&l
Q. The balance of branch adjustment account is transferred to _________ account
a. branch stock
b. branch p&l
c. branch debtors
d. branch expenses
Q. An ordinary partnership business can have:
a. not more than 50 partners
b. not more than 20 partners.
c. any number of partners.
d. any number than 2 partners.
Q. In the absence of an agreement profit and loss are divided by partners in the ratio of:
a. capital
b. equally
c. time devoted by each partners
d. none of these.
Q. Current accounts of the partners should be opened when the capitals are:
a. fluctuating
b. fixed
c. either fixed or fluctuating
d. none of these
Q. Investment in partnership is made by introducing:
a. cash
b. none – cash assets
c. cash or non – cash assets
d. none of these.
Q. Partnership is formed by the partners by:
a. written agreement
b. oral agreement
c. written or oral
d. none of these